IMF happy with strategy

By ZARA KANU LEBO
THE implementation of the Government’s budget repair strategy will help reduce debt vulnerabilities and free up more funding to improve access to basic services and infrastructure, according to the International Monetary Fund (IMF).
IMF deputy managing director Bo Li said during the reopening of the IMF resident representative office in Port Moresby last week that the Bank of PNG had begun reforms to help alleviate foreign exchange shortages, bring the kina closer to its market-clearing rate, and improve the business environment.
“Progress has been made in improving governance and operationalising the fight against corruption, including by establishing the Independent Commission Against Corruption,” he said.
“The recent reopening of the resident representative office in Port Moresby is a strong sign of our deepening engagement and robust partnership with PNG.”
Bo said the IMF would continue to work closely with the PNG authorities and stood ready “to help them in the period ahead, not only through our financing and policy advice, but also through our technical assistance, aimed at promoting strong, inclusive, and resilient growth and improving living standards of the people of PNG”.
“I am delighted to visit PNG for the first time and witness firsthand the progress achieved in tackling long-standing impediments to growth and development.”
He also acknowledged Prime Minister James Marape, Minister Ian Ling-Stuckey, and BPNG Governor Elizabeth Genia and the people of PNG for their hospitality and warm welcome during his visit.
Bo said the government was making strides in the implementation of major structural reforms to put PNG onto a path of strong, inclusive, and resilient growth.
“This home-grown reform agenda is supported by the IMF through Extended Credit Facility and Extended Fund Facility arrangements.
“During our meeting, I congratulated the authorities on the impressive progress achieved under the programme, and I encouraged the continuation of their reform efforts,” he said.
Marape said PNG was privileged to have most of the globally recognised multi-laterals in the country now, with IMF coming back after 20 years with a fully functional office.